Central government to launch affordable rental housing for urban poor, Real Estate News, ET RealEstate

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Central government to launch affordable rental housing for urban poorNEW DELHI: Nirmala Sitharaman, Union Finance & Corporate Affairs Minister on Thursday announced the second tranche of measures to ameliorate the hardships faced specifically by migrant labours and housing, among others.

“Migrant workers need affordable and convenient rental housing in urban areas in addition to social security. The government is attentive to the needs to all the segments of economy and society,” said Sitharaman.

The finance minister announced a scheme for affordable rental housing complexes for migrant workers and urban poor to provide ease of living at affordable rent under Pradhan Mantri Awas Yojana.

Affordable Rental Housing Complexes will provide social security and quality life to migrant labour, urban poor, and students etc. This will be done through converting government funded houses in the cities into Affordable Rental Housing Complexes (ARHC) under PPP mode through concessionaire.

The government will incentivize manufacturing units, industries, institutions, associations to develop Affordable Rental Housing Complexes (ARHC) on their private land and operate.

They will also incentivize state government agencies or central government organizations on similar lines to develop Affordable Rental Housing Complexes (ARHC) and operate.

The exact details of the scheme will be released by the ministry/department.

The government also announced the extension of the deadline for the affordable housing Credit Linked Subsidy Scheme (CLSS) till March 2021.

According to the government, this move will benefit 2.5 lakh middle income families during 2020-21.

“The scheme has benefited 3.3 lakh middle class families so far. By extending the deadline, it will lead to investment of over Rs 70,000 crore in housing and will create jobs,” said Sitharaman.

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